Eurozone inflation still rising ahead of ECB meeting
Eurozone inflation finally reached a new high in January (5.1%), driven by energy and food prices. Inflation accelerated to 5.3% in Italy. In many countries, the…
Brent and WTI 1st-nearby prices are trading below $64/b and $61/b respectively this morning. Time spreads are reducing quickly, pointing to strong concern about short-term demand prospects, as the delay in the vaccination campaign in Europe threatens the summer touristic season. The consensus is also pointing to the fifth weekly increase in a row in US crude inventories. OPEC output restrictions and worries about the recurrent attacks of the Houthis against Saudi Arabia oil infrastructure should nevertheless continue to support prices.
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